They Can Enrich So Many Lives
Today, many mortgage brokers are discovering that selling reverse mortgages is a smart financial decision. As the industry matures, lenders are beginning to offer a greater variety of options to borrowers, in fixed and adjustable HECMs with variations in interest rates, fees and other features. In light of this more and more senior homeowners, aged 62 and older are safely putting their home's equity to work for them. These non-recourse loans allow seniors to stay in their homes and retain title without making monthly mortgage payments, as long as the borrower maintains the home, and pays taxes and insurance on the property. Typically, there are no income or credit qualifications, and eligibility is based upon age of the borrowers and the amount of equity in their home.
Closed HECM Loans
What a Great Opportunity to Grow Your Business
With the aging of our population, and the anticipated needs of future mature Americans, now is a perfect time to add reverse mortgages to your product offerings. Research indicates that today, almost four out of five seniors own their home. This means that there are about 27 million senior homeowners, and that number will rise in the future. There are over 34 million Americans who are over the age of 65, and this is expected to double in the next 30 years to almost 70 million. The future looks bright for the Reverse Mortgage Industry.
Source: NRMLA
